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Farrukhabad GramIn Bank Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2006)103ITD207Agra

..... state, municipal or other loans or of shares, stock, debentures, or debenture stock of any company, corporation or association and the lending of money for the purpose of any such issue; (e) carrying on and transacting every kind of guarantee and indemnity business; (f) managing, selling and realizing any property which may come into the possession of the company in satisfaction or part satisfaction of any of its claims, (g) acquiring and ..... and the cit(a) in the facts of the present case have come to the finding that there is no parallel provisions in the rrb act which lays down that any and every banking activity is eligible for exemption.since the rrb, as its very name suggests, is confined to a specific area and thus, it is the banking activity, no doubt as incorporated by the banking regulation act and regulated ..... this background, it was urged that the special bench held that income from these investments though made in excess of requirements of nslr and statutory reserves were eligible for deduction under section 80p(2)(a)(i).8.8 accordingly, it was submitted that in this context, the reliance placed upon by the learned authorised representative that this order has ..... deliberately and advisedly used the former expression, any income which has some connection with the banking business carried on by the assessee is eligible for the deduction and it is not necessary for the assessee to show that the income is derived from the business of granting of loans to the target group.8. .....

A.C.i.T. Vs. Nandan Sales Corpn.

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2008)117TTJAgra433

..... of the goods entered on the other side of the account at the time of their purchase, so that on canceling out of the entries relating to the same stock from both sides of the account would leave only the transactions in which actual sales in the course of the year have taken place and thereby showing the profit or loss actually realized on the year's trading. ..... cit has also laid down a principle with respect to the year of allowance of trading loss as under: if a trading loss had been incurred in an earlier year, but by some reason it was not allowed, it is clearly not eligible for deduction in any subsequent year in the computation of net profits of that year.19. ..... the doctrine of prudence as envisaged by section 145 of the act also cannot be so stretched to make it applicable to a transaction of gambling unless the assessee is shown to be in that profession/business. ..... if the assessee has incurred the loss in any of the earlier year, the same was not eligible for deduction in the year under appeal. ..... 38(rf-2000)/l997-2000 dated 16.10.2000 was issued by the director general of foreign trade whereby the restriction was cased and the appellant was still not eligible to take delivery of the goods. ..... however, the assessee did not take delivery of goods as the assessee was still not eligible and the costs etc. .....

Deputy Commissioner of Income Tax Vs. Allen and Alvan (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2003)81TTJAgra751

..... (2000) 245 itr 806 (bom), wherein, their lordship has held that the tribunal was justified in directing the ao to treat the interest income from fixed deposits as eligible profits of the business while computing the deduction under section 80hhc and section 80-i of the it act, 1961, the special leave petition, filed before the hon'ble supreme court by the department was also ..... the surplus fund of the assessee was invested in certificate of deposits and the discount received by the assessee is eligible for deduction under section 80hhc of the act. ..... hence, the provisions of it act relating to deduction of tax at source are not applicable in the case of transaction in these two instruments. ..... the ao rejected the claim of assessee and proceeded to reduce 90 per cent of the amount of discount from the profits of business eligible to deduction under section 80hhc.4. .....

Zeeko Shoe Factory Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (1999)65TTJAgra458

..... in the absence of verification and genuineness of the sales, with reference to actual rates, the conclusion as in the past years, is that all the transactions relating to rejection of shoe-uppers are fabricated and the sale price is grossly understated. ..... merely represent investment of surplus fund with the aforesaid two parties and with the bank which have no direct link with the export business carried out by the assessee, such income would not be eligible for grant of deduction under section 80hhc. .....

Zeeko Shoe Factory Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

..... in the absence of verification and genuineness of the sales, with reference to actual rates, the conclusion as in the past years, is that all the transactions relating to rejection of shoe-uppers are fabricated and the sale price is grossly understated. ..... merely represent investment of surplus fund with the aforesaid two parties and with the bank which have no direct link with the export business carried out by the assessee, such income would not be eligible for grant of deduction under s. .....

Davi SarIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2003)84ITD391Agra

..... such requisition; (b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this act." 28 ..... that department during course of search under section 132 of the it act at the premises of the assessee could not get any evidence in form of entry in books of account or other documents or transaction about speculation business carried out by the assessee except the statement recorded under sections 131 and 132(4) on 26th oct ..... income from speculation business has never been disclosed nor any entry in books of account, document or transaction was found during course of search except the assessee admitted in his statement recorded under section 131 ..... the assessee explained that speculation business of shares does not require any investment as transactions are settled on goodwill in the market in the confidence of other persons ..... an inclusive definition of the expression "undisclosed income" so as to include : --any income based on any entry in books of account or other documents of transaction where : --such money, bullion, jewellery, valuable article, thing, entry in books of account or other document or transaction 53 .....